10 Things You Need To Know Today

Sheep are gathered in
front of the Eiffel tower in Paris during a demonstration of
shepherds against the protection of wolves in France November 27,
2014.REUTERS/Jacky
Naegelen

Good morning! Here are the major stories you need to know about
before US markets open.

OPEC Doesn't Cut. Despite months of tumbling oil
prices, the members of
OPEC agreed to make no cuts to production. From OPEC's
statement: "Recording its concern over the rapid decline in oil
prices in recent months, the Conference concurred that stable oil
prices – at a level which did not affect global economic growth
but which, at the same time, allowed producers to receive a
decent income and to invest to meet future demand – were vital
for world economic wellbeing. Accordingly, in the interest of
restoring market equilibrium, the Conference decided to maintain
the production level of 30.0 mb/d, as was agreed in December
2011."

Oil Crashes. The major oil price benchmarks
plunged over 6% following the OPEC announcement. WTI oil fell to
as low as $67.75 per barrel and brent got as low as $71.12.

Europe Inches Closer To Deflation.
Prices in the eurozone climbed at a 0.3% rate in November,
down from 0.4% in October. On a year-over-year basis, core prices
are climbing at just a 0.7% rate. None of these falling numbers
are expected to let up any time soon as oil prices continue to
plunge. "We now expect the headline inflation rate to drop
below zero at least briefly over the next six months and there is
a clear danger of a more prolonged bout of falling prices,"
Capital Economics' Jonathan Loynes said.

It Should Be A Quiet Friday. There are no
major US economic reports scheduled for release today. The US
stock markets close early at 1:00 p.m. ET.

Mexico's President
Is Effectively Disbanding Local Police
Forces. After
the murder of 43 students by a drug gang, allegedly
with the co-operation of local police, Enrique Pena Nieto is
proposing a totally unified Mexican police
force.